MIKE ASHLEY has refused to take back any of the £129million he is owed by Newcastle United - despite the Premier League outfit posting significant profits for the last financial year.

 

The controversial Ibrox investor has come under huge fire from Toon fans for the way he has run the club in recent years, with supporters claiming the focus is on the bottom line and his business empire rather than on-field success.

United yesterday revealed profits of £18.7million as they were in the black for the fourth successive year under Ashley's stewardship.

The billionaire became Rangers' bank of last resort last year as he agreed loan deals with the former Light Blues regime but lost his boardroom influence at Ibrox when Derek Llambias and Barry Leach were ousted at the EGM.

Ashley bought Newcastle eight years ago and has decided against recouping a percentage of the cash he is owed, with a club statement saying: "Debt continues to remain static at £129m in the form of an interest-free loan from owner Mike Ashley. None of the debt has been repaid to Mr Ashley nor has the owner taken any other monies from the Club."

Despite seeing key allies Llambias and Leach removed from office at Ibrox, Ashley remains very much in the Rangers picture due to his ability to appoint two directors to the board and his stranglehold over the Light Blues' merchandise deals.

Interim chairman Paul Murray confirmed last week that talks have yet to be held with Ashley or representatives from Sports Direct, while fans are keen to see the back of the billionaire as the new Ibrox board build for the future.

Newcastle revealed a rise in turnover from £95.9million to £129.7million, despite a £29million increase in running costs and Managing Director Lee Charnley said: "The Club benefits from a supportive owner and is financially stable. This gives us a strong platform from which to grow, both on and off the pitch, a result of which means, as we move forward, we are able to net spend on the playing squad and invest in other areas of the business."